Key Takeaways
- A hacker has stolen 206,809 BNB price $80 million from Qubit Finance.
- The hacker exploited a vulnerability on the protocol’s Ethereum bridge.
- The Qubit team has supplied a bounty of $250,000 to the hacker in return for the stolen funds.
Qubit Finance, a DeFi protocol on Binance Dapper Chain, was exploited this day for $80 million price of BNB tokens.
Qubit Hit by Hack
One other Binance Dapper Chain protocol has been hacked.
An unknown hacker was able to empty $80 million price of BNB tokens from the Binance Dapper Chain lending protocol Qubit Finance.
On Jan. 27, at around 21: 36 UTC, a hacker exploited a vulnerability on the Qubit Bridge, a defective-chain bridge connected to Ethereum. This bridge lets customers deposit WETH from Ethereum mainnet into Qubit’s Binance Dapper Chain-essentially essentially based neat contract to mint xETH, which may per chance per chance be used as lending collateral on the protocol.
Attributable to a foremost vulnerability in the bridge’s neat contracts, the hacker was able to mint xETH with out depositing any WETH, thereby giving them the flexibility to plan end out unlimited leveraged loans from Qubit’s swimming pools.
In a Twitter put up announcing the exploit, the team reported that the hacker “minted unlimited xETH to borrow on BSC.” Utilizing the xETH as collateral, the hacker proceeded to siphon 206,809 BNB from Qubit Finance, price about $80 million on the time. The loot may per chance per chance be viewed sitting in the hacker’s tackle.
In an on-chain message directed to the hacker, the Qubit team supplied a bounty of $250,000 in return for the stolen funds, as per the protocol’s ongoing bug bounty program with the ethical hacking platform Immunefi. In a single other put up, the Qubit team has also tried to contact the hacker to negotiate.
The Qubit Finance exploit appears to be like to be the seventh-greatest DeFi protocol hack in phrases of the price of stolen funds, as per recordsdata from DeFi Yield. Following the hack, the protocol’s Qubit token has dropped 27% over the final 24 hours.
Since the originate of Binance Dapper Chain in September 2020, the chain has change into recede for the amount of hacks, exploits and rug pulls that possess taken dwelling on it.
In 2021, lots of DeFi projects on Binance Dapper Chain suffered foremost hacks or exploits. A couple of of the most severe consist of Meerkat Finance’s $31 million hack in March 2021, a Uranium Finance exploit that cost protocol customers $50 million in April, and the $88 million assault on Venus Finance in May perchance perchance perchance moreover simply.
Qubit Finance has no longer yet commented on plans to reimburse or compensate customers for funds misplaced attributable to the exploit.
Disclosure: On the time of writing, the author of this part owned ETH and diverse cryptocurrencies.
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